DigiPlus secures US$53.5m loan for gaming expansion
DigiPlus Interactive Corporation will use the loan to expand its operations and further establish its presence in the retail gaming industry in the Philippines.
The Philippines.- DigiPlus Interactive Corp (previously Leisure and Resorts World Corporation) has agreed a PHP3bn (US$53.5m) loan with Asia United Bank Corporation to finance the expansion of its presence in the Philippines’ retail gaming segment. The company, which operates the first and only PAGCOR-licensed remote gaming platform, BingoPlus, aims to expand the platform and its onsite electronic gaming.
It says that with more than 1,700 jackpot winners since its inception, BingoPlus has experienced rapid growth, and that it now sees more opportunities in the country’s casual gaming and entertainment space.
Andy Tsui, president of DigiPlus, stated: “The success of BingoPlus has paved the way for exciting opportunities in the country’s casual gaming and entertainment space. We aim to capitalize on this positive momentum by revolutionizing our users’ experience by investing in new technologies, introducing new and innovative products, and enhancing our quality of service. This loan financing is a significant milestone as we look to ground our leading position in the retail gaming industry of the country.”
DigiPlus posted revenue of PHP8.91bn for 2022, up 217 per cent year-on-year. The Retail Games business was the primary source of revenue, bringing in 91.7 per cent or PHP8.16bn (US$144.61m). Encompassing on-site bingo operations, remote BingoPlus platform operations, and e-game services, it remains profitable due to its popularity among social gamers and Filipino bingo players.
Net income amounted to PHP686.8m (US$12.16m), in contrast to the previous year’s operating loss of PHP894.6m. The company achieved positive EBITDA of PHP1,007m, as opposed to the EBITDA loss of PHP80m in the prior year. DigiPlus attributed the improvement to the majority of site operations resuming and the launch of the company’s own technology platform.